But as demand softens in pockets of Metro Manila, the Sy family-led real estate giant is diversifying into premium and luxury homes, starting with a P25-billion horizontal development in the group’s vast estate in Susana Heights.
Jessica Sy, a rising figure within SM Prime and daughter of tycoon Henry Sy Jr., said the strategic move was planned years ahead, backed by decades of landbanking.
“For us, this is not just a reaction to a market that’s changing, but it’s a plan that we’ve had for many years, a vision to uphold our duty to building upon what Filipinos deserve,” said Sy, the head of design, innovation, and strategy for SM Residences and SM Prime.
SM Prime completes residential line
The company formally entered the upscale segment via Signature Series by SM Residences, a new residential brand.
Its debut project in Susana Heights will offer P100 million–plus lots in southern Metro Manila.
It’s a price point targeting affluent and luxury buyers, though still considered more accessible than nearby Ayala Alabang, according to property experts.
SM Prime is also moving to finalize a partnership for its property in the premium Rockwell development in Makati City, InsiderPH reported previously.
A ‘natural evolution’ for SM
Sy acknowledged SM’s roots in affordable housing, saying the move completes the company’s lineup from mass market to ultra-luxury.
“If you trace our journey, our legacy back, the integrated communities that we have built, the spaces that we have shaped, and the millions of lives of Filipinos who work and connect in our developments,” she said.
“This moment feels like a leap—not just a leap, but rather, a natural evolution,” she added.
Customers are changing
Sy, who has worked with SM Prime for the past four years, also brings with her overseas perspective.
Sy trained in architecture under Plus Architecture in the Greater Brisbane Area, an Australasian design firm known for its contemporary residential and mixed-use projects.
She said SM plans to bring a new twist needed in the high-end market.
“To us, luxury doesn’t mean polish. It’s not about excess, but it’s about purpose,” she said.
“We believe that our customers are changing, and they are discerning. They’re looking for new, but they are no longer just impressed by shiny new objects. Rather, they are drawn to spaces where they feel that they can be themselves, that feel quietly intelligent, confident and considered, and profoundly livable,” she said.
“And that is what we aim to achieve with our new line,” she added.
The time is right
SM Prime, which opened its first mall in 1985, has grown into one of the country’s largest property developers. Sy said the company’s move into the high-end segment followed years of planning, market study, and reflection on how its developments have shaped communities.
The company also needed the right team in place to move forward.
One of their key hires is Jose Juan Jugo, a real estate veteran with prior leadership roles at Ayala Land Premier and Shang Properties. He’s now executive vice president and group head of Signature Series.
“We believe that we now have a vision, we have our team, and we have the market,” Sy said.
“So we are ready to take this leap forward,” she added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
